Foreclosing on condo

[Katrn05]

I am trying to get my bank to agree to a short sale of my condo. I purchased it over a year ago for 155,000 and it's on the market for 150,000. I have had several potential buyers but their real estate agents have all stated that my condo is not worth what I am selling it for. I have sent the appropriate paperwork to the bank via my real estate agent. If they do not agree to a short sale, I'm afraid I might have to foreclose. How do I foreclose on my home? And what do I do in regards to the condo association dues?

 

[dee_dub]

You don't foreclose on your home. The lender forecloses on it. If the lender does not agree to a short sale, they may still agree to accept a deed in lieu instead of foreclosing. You might wish to present that option to them.

Keep paying your condo dues if you can. If you default on them, the condo association may seek to recover in court.

 

[Katrn05]

You don't foreclose on your home. The lender forecloses on it. If the lender does not agree to a short sale, they may still agree to accept a deed in lieu instead of foreclosing. You might wish to present that option to them.

Keep paying your condo dues if you can. If you default on them, the condo association may seek to recover in court.

Thank you for the clarification. I will ask about a them accepting a deed in lieu. When the bank takes possession of the condo, do I then stop making payments towards the condo association?

 

[dee_dub]

Yes. When title passes, the new owner becomes responsible for all future condo fees. You will not be absolved of any fees you already owe.